Natural Gas Rigs Might Not Be Drilling For Natural Gas

Isn't this a most interesting story?

Link here.

The number of U.S. natural-gas rigs is “misleading” because some are actually drilling for oil and liquids, Pioneer (PXD) Natural Resources Co. Chairman and Chief Executive Officer Scott Sheffield said.

There are probably only a couple of hundred drilling rigs exploring in pure or “dry” gas fields, Sheffield said in an interview at a Hart Energy conference in Fort Worth, Texas today. In Texas, some rigs are classified as drilling for gas because state rules allow operators to hold more acreage with a gas well, Sheffield said. 

Something tells me the state regulators will sort this out ASAP.

Until then, natural gas rigs may be drilling for something other than natural gas: holding leases by production?


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